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The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009

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Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2009 No. 1851

Amendment of paragraph 2 of Schedule 2

This sectionnoteType=Explanatory Memorandum has no associated

20.  In paragraph 2 of Schedule 2 (actual pension)—

(a)for sub-paragraph (1) substitute—

(1) In this Schedule, “actual pension” means, subject to sub-paragraphs (3), (3A) and (4) and paragraph 2A, the annual rate of annuity which has been, can be or could have been, paid to the beneficiary as at the later of—

(a)the day from which the beneficiary is entitled to an annual payment; or

(b)the day on which the qualifying pension scheme began to be wound up,

as a result of the purchase of an annuity with the assets available to discharge the liability of the scheme to, or in respect of, the qualifying member after that liability has, or had, been determined.;

(b)in sub-paragraph (3)—

(i)after “sub-paragraph (1)” insert “or, as the case may be, paragraph 2A, as a result of the purchase of an annuity”;

(ii)in paragraph (a) for “on the crystallisation date” substitute “on the day before the day on which the qualifying pension scheme began to be wound up”;

(iii)in paragraph (b)—

(aa)after “survivor” insert “or surviving dependant”; and

(bb)for the words from “to him immediately on the purchase” to the end substitute—

to that beneficiary on the later of—

(i)the day on which an annuity has been purchased from the assets of the scheme; or

(ii)the day after the day on which that qualifying member died;;

(iv)after paragraph (b) insert—

(ba)where the beneficiary is a survivor or surviving dependant, on the basis that any amount (including any lump sum) payable to that beneficiary as a result of the death of the qualifying member being within a period specified in the scheme rules beginning on the day on which the member became entitled to a pension from the scheme or, if later, the day on which the pension was first paid, shall not be taken into account;;

(v)omit paragraph (c); and

(vi)in paragraph (d), after “the scheme” insert “after the day on which the scheme began to be wound up”;

(c)after sub-paragraph (3) insert—

(3A) Where the scheme manager is satisfied that the amount of interim pension paid to the beneficiary in respect of any previous year or years in which an annual payment was payable to the beneficiary is higher or lower than the annual rate of annuity determined in accordance with this paragraph, the scheme manager may determine how the actual pension is to be calculated for the purposes of determining the annual payment in respect of each year in which an annual payment is payable to the beneficiary, having regard to—

(a)the annual rate of annuity determined in accordance with this paragraph;

(b)the amount of any interim pension which was, or is due to be, paid to the beneficiary; and

(c)such other matters as the scheme manager considers relevant.; and

(d)in sub-paragraph (4)—

(i)for the words “available to him” substitute “available to it and to such other matters as the scheme manager considers appropriate”; and

(ii)at the end for the words “and to such other matters” substitute “and of such other matters”.

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